Historically, one of the largest investor concerns for @pendle_fi has been around the Ethena USDe expiry. Given the magnitude of total TVL tied to Ethena ($2-3 billion) and TVL associated with a single expiry ($1B+), this concern is understandable. This is best measured by Pendle's capture of total USDe issuance. Historically, we've observed significant drop-offs in percentage share capture (10-20 points), followed by 2-4 months to regain previous levels. As the Ethena product has matured (7-9% fixed PT yields) and the use case on Pendle has shifted from "New Customer Acquisition" to "Core," these expiries have become non-events. The most recent May 28, 2025 expiry (with $1B+ USDe rolling off) has seen a peak-to-trough penetration decline of 8%—one of the smallest in history. Even more impressive, Pendle TVL tied to Ethena is only down 6% ($2.8 billion to $2.6 billion) and is likely to recover to an all-time high in just a matter of days. After over a year of case study, track record, and platform maturation, this is an incredible achievement by @tn_pendle and the team. Pendle is THE platform of choice for all yield-bearing stablecoins to 1) acquire new customers and 2) build the deepest yield marketplace. Stablecoin Expansion ↔️